How to receive foreign currency from overseas
One of the most expensive mistakes made when it comes to foreign exchange is receiving foreign currency into your bank account. If you have funds coming in from abroad you could lose out significantly on the amount of GBP you receive if you allow your bank to manage the process.
When foreign currency is deposited into your GBP bank account the bank will generally do the conversion automatically at their standard rates.
Something else to avoid is letting the funds be converted into GBP before being sent to you, as this also results in large FX transaction costs.
Both of these scenarios mean you hav...